In the Zcash market, a high-stakes drama is unfolding as large investor “0x8652” opened an aggressive 10x leveraged long position on 36,875 ZEC worth $19.68 million on Hyperliquid, making him the largest on-chain Zcash bull. However, due to a local correction, the bet has moved dangerously close to forced liquidation.
At the moment, the fate of the multi-million-dollar position depends on holding a narrow price range. ZEC corrected to $525.74, falling 1.91% since Monday’s open, while the critical liquidation threshold for the long position is set at $494.55. This means the whale’s current margin of safety stands at only around a 6% decline before the automatic full liquidation trigger activates.
The market volume profile shows strong historical support in the $450-$500 zone. But because of the high leverage of up to 10x, the whale risks being liquidated before the price has a chance to stabilize within that range.
High stakes on ‘The Next Bitcoin’
The aggressive long position from the large player coincided with a powerful fundamental shift in market perception around the coin. ZEC has already reached publications such as The Wall Street Journal, which published an article where crypto veterans called Zcash “the next Bitcoin”. The core thesis is that BTC has become too public and institutionalized, while ZEC restores privacy and cypherpunk ideology to the market.
For those who started following the crypto market earlier than last week, this was already evident when major players such as the Winklevoss twins, Barry Silbert and Multicoin Capital began gathering around the privacy coin.
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An additional catalyst comes from plans by Grayscale, backed by Silbert, to transform its Zcash Trust into a full-fledged spot ETF.
The whale’s position has become a representation of the ideological battle unfolding across the market. On one side stands a strong long-term fundamental narrative and support from industry heavyweights. On the other is the harsh reality of margin trading, where a localized 6% downward move can completely wipe out the multi-million-dollar position of ZEC’s largest on-chain bull.
